MEDAAKYE GROUP LOAN
MGL
- Category: LOANS
- Interest: 3% per month
- Interest Type: FLAT
- Total Interest: 18% for Six Months
Detailed information of the product
This type of loan shall be granted only to members who are in groups.
The group shall have maximum members of seven (7) and minimum of five (5).
The group shall have an account with ROAACCU and details of group members attached.
The group shall appoint its Chairperson, Secretary and Treasurer as Executives.
The group account shall be operated for a minimum of six (6) weeks.
Members of the group shall serve as guarantors for their loan.
Each member of the group shall have at least one-third of his/her loan request as savings.
The maximum loan shall be GH¢35,000.00 taking into consideration the capacity of the groups contribution.
No individual member of the group can access more than 30% of the disbursed amount.
The loan repayment is on weekly basis and shall not exceed 6 months.
Interest rate on the loan shall be 3% per month on flat rate model.